Diminution of value and depreciation of closing stock - if the ...

Income Tax

November 8, 2019

Diminution of value and depreciation of closing stock - if the market value of the closing stock is more than the cost, as profit cannot be brought to tax on notional basis. - The items were in fact sold in the subsequent year at a price less than 10% of the cost. It could not be said that valuation of obsolete item made by assessee was not proper.

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Diminution of value and depreciation of closing stock - if the ...

Income Tax

November 8, 2019

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